Doha: Qatar Exchange ended in the green when trading closed yesterday at 10,353.15 points (0.82 percent), up 84.46 points from the previous closing of 10,268.69 on Tuesday.
Among the top gainers were Qatar National Bank whose share was up 1.76 percent to QR173, Industries Qatar added 1.51 percent to QR168.50, Qatar Electricity & Water rose 1.65 percent to QR166.40 and Aamal increased by 0.81 percent to QR14.97.
Investors are positioning themselves for annual dividends, which will be announced with fourth-quarter earnings in early 2014.
Meanwhile, UAE stock markets rose. Most other Gulf bourses also climbed, while Egypt extended losses to a nearly four-week low. Dubai’s main index advanced 0.5 percent to its highest finish since November 10, although it gave back almost half of its intra-day gains. The measure is 1.8 percent below the multi-year high hit in October.
“Trading in the last month has been more cautious but people are pricing in the Expo 2020 win until right before the results,” said Sanyalaksna Manibhandu, senior analyst at NBAD Securities. “Whatever the result, you will see profit-taking.” Many analysts are predicting a short-term rally followed by a sell-off to take profits if Dubai wins, and a steeper sell-off in case of a disappointment.
But buyers may then return before the year-end to re-position for annual dividends and fourth-quarter earnings.
Trading was heaviest in stocks which retail investors believe would benefit most if Dubai hosts the Expo. Dubai Investments, which owns land around the proposed expo site, rose 3.1 percent. Emaar Properties climbed 1.3 percent and Union Properties added 2.7 percent.
The optimism spread to Abu Dhabi, with the index there also rising 0.5 percent. Abu Dhabi National Building Materials jumped 8.9 percent.
In Egypt, the benchmark index declined 0.6 percent to its lowest close since November 3. The market dropped for a fifth consecutive session from a 34-month high. Profit-taking was exacerbated by the government’s apparent difficulty in the transition back to civilian rule. Arrests of activists after new regulations on protests have shaken support in some quarters for the military-led interim government.
HIGHLIGHTS
DUBAI: The index gained 0.5 percent to 2,899 points.
ABU DHABI: The index climbed 0.5 percent to 3,837 points.
EGYPT: The index retreated 0.6 percent to 6,205 points.
SAUDI ARABIA: The index ticked up 0.03 percent to 8,301 points.
OMAN: The index slipped 0.4 percent to 6,726 points.
KUWAIT: The index advanced 0.5 percent to 7,838 points.
BAHRAIN: The index eased 0.02 percent to 1,197 points.
QNA/Reuters
